We use a vendor's product for CIP purposes at the bank. When running a sole proprietor account, is there a reason we should be doing the full search or is OFAC alone sufficient? The same would go for unregistered organizations.
Is there a checklist or procedure and/or forms for my staff to use when they take in POA documents to help simplify the process?
What is the meaning of a POA (Power of Attorney) and when is it used for an account?
We missed a stop payment and paid the check two days ago. Can we still return the check?
I am a new lender and have never pulled a credit report that included a fraud alert. Are there certain steps I must take before I can move forward with the loan?